Doctors, nurses, and other healthcare professionals face risks and challenges that are unique to their industry, as do providers who own their own medical practice. The decisions that doctors and other healthcare professionals make can directly impact a patient’s health and well-being, and the result of an error can have serious and even disastrous consequences for the owners of those small medical practices. Even if you take every precaution to ensure your patients receive the highest standard of care possible, a mistake or complaint about the treatment you provide can lead to a costly medical malpractice claim, whether that claim is successful or not. Medical Malpractice Insurance is designed to protect doctors, nurses, and healthcare providers who manage their own practices from the financial damage a medical malpractice claim can cause.
Why is Medical Malpractice Insurance Necessary?
As a doctor, you probably already know how serious the threat of a medical malpractice claim can be. According to a 2008 Harvard School of Public Health study, about $55.6 billion is spent every year in the U.S. on medical malpractice costs, with $45.6 billion of that spent on defensive medicine by doctors trying to avoid claims being brought against them. Simply put, doctors want to avoid medical malpractice claims at all costs. Even when damages are not awarded, legal fees, expert testimony, and court costs for these often complex cases can be astronomical. The risk to your practice’s bottom line is real, and medical malpractice insurance is designed to cover you against that risk.
It's important to note that if you are an independent doctor who receives medical malpractice insurance coverage through an employer, employer medical malpractice insurance often comes with significant gaps that could still leave you exposed. Having your own medical malpractice insurance can help cover those gaps, as well.
What is Covered by Medical Malpractice Insurance?
A medical malpractice insurance policy will typically cover you for some or all of the following costs:
- Legal costs: Medical malpractice attorneys are often highly specialized lawyers and, as such, their fees are also typically very high. Related legal costs such as paperwork, medical records, and expert witnesses – all of which are common in medical malpractice cases – can also drive up legal costs significantly. Medical malpractice insurance covers doctors for most or all of these expenses.
- Settlements and awards: Many medical malpractice cases are resolved through settlements. Your medical malpractice insurance can also cover you for a portion or all of the settlement amount. Additionally, if a claim against you goes to trial and damages are awarded to the plaintiff, your policy will likely cover some or all of those damages, too.
How Do I Get Medical Malpractice Insurance?
Don’t let the cost of a medical malpractice claim put your livelihood in jeopardy. Medical Malpractice Insurance can help protect you from the fallout of a claim brought against you or your practice. At AmVenture, we specialize in bespoke insurance solutions for small business owners that cater specifically to healthcare practitioners and providers. Contact us now to learn how our coverage options can help you save money and stay protected so you can focus more on providing exceptional patient experiences.